Offer finance for home improvement (kitchens, bathrooms, extensions)

Offer Finance for Home Improvement (Kitchens, Bathrooms, Extensions)

Home improvements are an exciting prospect for many homeowners. Whether you're renovating your kitchen, upgrading your bathroom, or extending your living space, these projects not only enhance your quality of life but also add significant value to your property. However, with such improvements comes the inevitable cost, and it’s no secret that quality renovations can be expensive. This is where offering finance options for home improvement projects can be a game changer.

In this article, we will explore the benefits of offering finance for home improvements, focusing on kitchens, bathrooms, and extensions. We’ll also introduce Kandoo, a UK-based retail finance broker, and discuss how they can assist both homeowners and businesses in making these dreams a reality.

The Growing Demand for Home Improvements

The demand for home improvements has surged in recent years, particularly as more people have spent time at home. According to a 2021 survey conducted by Rated People, around 49% of UK homeowners planned to make improvements to their homes within the year. Kitchens, bathrooms, and extensions are among the most popular areas of focus, and it's easy to see why.

A new kitchen can transform the heart of the home into a modern, functional, and stylish space. A bathroom renovation can turn a basic washroom into a luxurious retreat. And a home extension offers much-needed extra space for growing families or those looking to add an office or recreational area. However, these types of projects can come with hefty price tags, often reaching thousands or even tens of thousands of pounds.

Given the costs involved, offering finance options can make these home improvements more accessible to homeowners, allowing them to spread the cost over time rather than having to pay upfront.

Why Offer Finance for Home Improvement Projects?

Offering finance for home improvement projects provides benefits to both homeowners and businesses. For homeowners, finance options make it easier to manage large expenses by breaking them down into more affordable monthly payments. For businesses, offering finance can attract more customers and increase the likelihood of them committing to larger projects.

1. Affordability for Homeowners

Home improvement finance allows homeowners to spread the cost of their project over a period of time, making it more manageable. Rather than needing to save up a large lump sum, homeowners can take advantage of affordable monthly payments, enabling them to get started on their projects sooner rather than later.

For example, a new kitchen renovation might cost £10,000. Rather than paying the full amount upfront, a homeowner could finance the project over a term of, say, 24 or 36 months, with manageable monthly payments. This reduces the financial burden and opens up more possibilities for homeowners to pursue their dream improvements without delay.

2. Increased Sales for Businesses

For businesses in the home improvement sector, offering finance can increase sales and customer satisfaction. Many potential customers may hesitate to commit to large projects due to the upfront cost. By providing finance options, businesses can give customers the flexibility they need to proceed with their renovations.

Finance options also allow businesses to sell higher-value services. For instance, a homeowner might initially plan a modest kitchen upgrade due to budget constraints. However, with finance available, they may feel more comfortable opting for a more comprehensive renovation, which benefits both the homeowner and the business.

3. Competitive Edge

Offering finance sets businesses apart from competitors who may not provide such options. In today’s market, customers expect flexibility and convenience when making significant purchases. By offering finance, businesses can attract more customers and maintain a competitive edge in the industry.

Popular Home Improvement Projects That Benefit from Finance

Now that we’ve covered the benefits of offering finance, let’s take a closer look at three of the most popular home improvement projects: kitchens, bathrooms, and extensions. These projects often require a significant financial investment, making them ideal candidates for financing options.

1. Kitchens

The kitchen is often considered the heart of the home, and for many homeowners, it’s the room that gets the most use. A kitchen renovation can completely transform the space, making it more functional, stylish, and tailored to the homeowner's needs.

However, a full kitchen renovation can be costly. The average kitchen renovation in the UK can range from £5,000 to £15,000, depending on the scope of the project and the materials used. Offering finance options can make it easier for homeowners to embark on their dream kitchen renovation without the need to save for years.

Some common kitchen improvements that can benefit from financing include:

• Installing new cabinetry and countertops
• Upgrading to energy-efficient appliances
• Adding a kitchen island for additional workspace
• Reconfiguring the layout for better flow and functionality
• Incorporating smart home technology, such as touchless taps or smart fridges

With finance, homeowners can achieve their ideal kitchen without the upfront financial burden.

2. Bathrooms

Bathrooms are another popular area for home improvements. A well-designed bathroom can significantly enhance a home's comfort and functionality. Whether it’s a complete overhaul or a simple upgrade, bathroom renovations are often top of homeowners' wish lists.

The cost of a bathroom renovation can vary widely, with basic updates costing around £2,500 and high-end luxury remodels reaching £10,000 or more. Many homeowners want to add modern features such as underfloor heating, walk-in showers, or freestanding bathtubs, but these upgrades can quickly drive up the price.

Offering finance for bathroom renovations allows homeowners to achieve their desired look without worrying about the upfront costs. Some of the most popular bathroom improvements that can be financed include:

• Installing a new bath or shower
• Upgrading to modern, water-efficient fixtures
• Adding luxury features such as heated towel rails or smart mirrors
• Replacing outdated tiles or flooring
• Expanding the bathroom’s size or adding an ensuite

Finance options give homeowners the flexibility to pursue the bathroom of their dreams, while businesses benefit from offering a service that’s more accessible to a broader audience.

3. Extensions

Home extensions are one of the most significant home improvement projects in terms of both cost and impact. Whether it’s adding an extra bedroom, creating a home office, or expanding the kitchen, an extension can provide much-needed space and significantly increase a property’s value.

The cost of a home extension can vary greatly depending on the size, design, and location, with prices typically starting at around £20,000 and going upwards from there. This makes extensions one of the most expensive home improvement projects, but also one of the most rewarding in terms of adding value to a property.

Offering finance for home extensions can make these larger projects more attainable for homeowners. With the option to spread the cost over several years, homeowners can achieve their ideal living space without the financial strain of paying for the entire project upfront.

How Kandoo Can Help

For businesses and homeowners alike, partnering with a trusted finance broker can make offering finance for home improvements seamless and straightforward. Kandoo, a UK-based retail finance broker, specialises in providing flexible finance solutions that can help both homeowners and businesses achieve their goals.

Kandoo works with a wide range of lenders to offer competitive finance options tailored to the needs of each customer. By partnering with Kandoo, businesses in the home improvement sector can offer their clients the ability to finance their projects easily and affordably.

1. For Homeowners

For homeowners, Kandoo provides access to a wide range of finance options, enabling them to choose the one that best suits their needs and budget. Whether it’s a kitchen renovation, bathroom upgrade, or home extension, Kandoo can help homeowners find the right finance solution to make their project a reality.

Kandoo’s application process is simple and transparent, ensuring homeowners can access finance quickly and easily. With flexible repayment terms and competitive interest rates, homeowners can finance their home improvements with confidence.

2. For Businesses

For businesses in the home improvement sector, partnering with Kandoo offers a valuable service to customers. By integrating Kandoo’s finance solutions, businesses can attract more clients and provide a more comprehensive service. This partnership allows businesses to offer flexible finance options without needing to manage the complexities of finance themselves.

Kandoo’s platform is easy to use, and businesses can start offering finance to their customers quickly. With Kandoo’s help, businesses can increase sales, improve customer satisfaction, and grow their revenue.

Conclusion

Offering finance for home improvement projects, whether it’s a kitchen renovation, bathroom upgrade, or home extension, is a win-win for both homeowners and businesses. Homeowners gain the ability to pursue their dream projects without the burden of upfront costs, while businesses can attract more customers and increase sales.

By partnering with a trusted finance broker like Kandoo, businesses can provide flexible and affordable finance options that make home improvements more accessible to a wider audience. Whether you're a homeowner looking to finance your next project or a business wanting to offer finance to your customers, Kandoo can help make the process smooth and hassle-free.

Home improvements are an investment in both your property and your quality of life, and with the right finance options, those improvements can be within reach for everyone.